Partnership: Santander and JP Morgan signed an agreement in Brazil

The asset management unit of Santander and JP Morgan Chase & Co have signed an agreement in Brazil, the companies said in a note on Tuesday Dec. 5.

JP Morgan Asset Management will transfer the management of its investment funds in Brazil to Santander, after investors approve the agreement, and Santander Asset Management will distribute to its local customers some of the global funds managed by JPMorgan Asset.

Santander has 81,400 million dollars (R$263 billion reais) in assets under management in Brazil, with more than one million local investors. JPMorgan has 1.6 trillion in assets under management globally.